Justin Bieber’s Bored Ape Adventure

So, get this—pop superstar Justin Bieber decided to dive into the wild world of NFTs, spending a whopping 500 ETH (yep, that’s around $1.3 million) back in January 2022 on a digital monkey masterpiece known as Bored Ape #3001. Talk about putting your eggs in a virtual basket!

The Value Rollercoaster

Fast forward just a couple of years, and this fancy digital ape isn’t exactly pulling in the big bucks anymore. It’s now valued at a mere $12,000! Yikes! It seems that the hype train for NFTs and the much-coveted Yacht Club has run out of steam quite dramatically.

What Happened?

Now, let’s not kid ourselves—art values can be as predictable as a cat on a keyboard. Factors like personal taste and past ownership can swing the price up or down. And yes, since it’s Justin Bieber’s ape, there might be some fans who’d still pay extra for it if it ever hits the market. But, spoiler alert, similar apes from the collection have seen their values take a nosedive.

A Costly Mistake?

If Biebs decided to cut his losses and sell that NFT now, he’d be facing a nearly 99% loss—talk about a sad monkey tale! People were raising their eyebrows back when he bought this so-called “floor” ape (which is basically the most basic version) for such a fancy price. Generally, it’s the rare gems that fetch the big bucks, not a run-of-the-mill digital ape.

Expert Opinions

Farokh Sarmad, now the president of Dastan, was one of the many scratching their heads at Bieber’s splurge. He took to social media to vent his disbelief, saying, “Who the heck is advising Justin Bieber’s NFT purchases?” Man, it’s like when your friend buys a round of shots—that you didn’t even agree to. Painful to watch!

What About the Market?

After Bieber’s big buy, there was a brief surge in the Bored Ape Yacht Club’s floor price, peaking at around $429,000 in April 2022. But let’s not forget, this wasn’t the most jaw-dropping NFT purchase of the time. That title goes to artist Beeple, who sold a digital artwork for a staggering $69.3 million. Talk about NFT envy!

A Long Winter

Since then, it’s been a rough ride through an NFT winter, where even other popular collections like CryptoPunks and Pudgy Penguins have felt the chill. Once soaring over $400,000 and close to $100,000, these now trade for about $60,000 and $8,850, respectively. Brrr!

Looking Ahead

As for Bieber’s beloved Bored Ape community, they’re not holding their breath for a quick recovery. Myriad, a market prediction hub, shows a rather bleak outlook with only a 16% chance of any comeback for these NFT favorites by July. I mean, cynics are having a field day!

The Future of Bored Apes

But it’s not all doom and gloom! Yuga Labs, the company behind the Bored Ape Yacht Club, is still cranking out new ideas. They just announced plans to create an actual Bored Ape clubhouse in Miami, where NFT holders can gather—because nothing says exclusive like hanging out with a bunch of digital apes in the real world!

Plus, they’re working on Otherside, a massive multiplayer game featuring avatars from the Bored Ape world and beyond. Who wouldn’t want to stomp around a metaverse with cheeky monkey avatars?